The naira slumped further and exchanged to the dollar at 590 on Thursday at the parallel market ahead of the Easter festive period.
Some
Bureau de Change operators who spoke to our correspondent said the dollar was
bought and sold at 585 and 590 on Thursday.
On
Monday, the naira had earlier traded to the dollar at N588.
At
the Importer & Exporter forex window, the naira fell by 0.20 per cent to
close at N417.5 after reaching a high of N444.
The Central Bank of Nigeria however maintained N416 as its
official rate on its website.
The CBN stopped forex allocation to the Bureau de Change
operators in 2021 and later announced it would stop further interventions to
the banks by the end of 2022.
The Association of Bureaux De Change Operators of Nigeria
had solicited the CBN support in ensuring that Bureaux De Change operators
continued to sell dollars to the retail end of the market.
In a notice to its members nationwide, ABCON National
Executive Council, appealed to the regulator to revisit the stoppage of dollar
sales to BDCs to bring lasting stability to the naira.
The group disagreed with claims that naira has remained
largely stable and converging following the stoppage of dollar allocation to
BDCs.
According to ABCON NEC, BDCs remain the most potent tool for
the CBN to achieve its foreign exchange rate management.
It stated, “Our position to CBN is that our members should
be considered in whatever mechanism of dollar supply to the end users as it is
done in other countries instead of a total blanket removal from the market.
“We therefore reject the statements claiming that the naira
exchange rate has improved following stoppage of dollar sales to BDCs and urge
our members to ignore those pronouncements.”
The ABCON NEC said it would continue to take steps that
ensure that the business of its members are restored and operators continue
their legitimate operations as is done in other parts of the world.
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